Dublin, January 31, 2023 /PRNewswire/ — “Smart Retail Market by Offering, Technology, Application, End-User and Region – Global Forecast to 2030” report added of ResearchAndMarkets.com Recruitment.
This research report provides an in-depth analysis of the smart retail market across five key regions, emphasizing current market trends, market size, market share, recent developments, and forecasts to 2030.
The global smart retail market is expected to reach $91.36 billion By 2030, it will grow at a CAGR of 22.4% during the forecast period 2023-2030.
The growth of the smart retail market is due to the increasing need to enhance the customer experience and retail operations and the growing number of smart stores. However, lack of technology adoption in the unorganized retail sector restrains the growth of this market.
Rise in shoplifting and increasing adoption of disruptive technologies to predict future market trends are expected to create growth opportunities for stakeholders in this market. However, legal concerns and data privacy issues are major challenges for market growth. Additionally, increasing adoption of cloud services in the retail sector and emergence of computer vision in the retail sector are prominent trends in this market.
Based on product, the smart retail market is segmented into hardware, software and analytics, and services. In 2022, the hardware segment will hold the largest share of the global smart retail market. The large market share of this segment can be attributed to the growing demand for his IoT deployment of various applications in the retail industry, increasing number of smart stores, and increasing investment in technology by retailers.
However, the software and analytics segment is projected to register the highest CAGR during the forecast period. Significant increases in the availability of customer data, the growing need to more accurately predict the future state of the business, and the growing awareness of the importance of analytics solutions in the retail industry are driving the growth of this segment. expected to boost growth.
Based on technology, the smart retail market is broadly segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2022, the IoT segment will hold the largest share of the global smart retail market. Growing customer demand for seamless shopping experience, increasing adoption of smart payment solutions, and rapidly declining cost of sensors and hardware for Internet of Things are the major factors driving the significant market share of this segment.
However, the AI segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as ever-increasing internet users and smart devices, growing awareness of AI and big data and analytics, and government initiatives towards digitization.
Based on application, the smart retail market is broadly segmented into customer experience management, supply chain management, store operations, inventory management systems, smart payment systems, and others. In 2022, the store operations segment will hold the largest share of the global smart retail market.
However, the customer experience management segment is projected to register the highest CAGR during the forecast period. Growth in this segment is driven by the growing need to understand customer buying behavior for a more personalized customer experience, as well as artificial intelligence (AI), machine learning (ML), and to streamline marketing operations. due to the emergence of technologies such as automation of business processes in .
Based on end-users, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2022, the hypermarket segment will hold the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, reduce risk, reduce costs, and increase revenue. I’m here. However, the department store segment is projected to register the highest CAGR during the forecast period.
IBM Corporation (USA)
Intel Corporation (USA)
Microsoft Corporation (USA)
Honeywell International Inc. (USA)
PTC Inc. (USA)
NVIDIA Corporation (US)
Amazon.com Inc. (United States)
NCR Corporation (USA)
PAX Global Technology Limited (China)
Google LLC (United States)
Huawei Technologies Co., Ltd. (China)
Samsung Electronics Co., Ltd.Korea)
VeriFone Inc. (United States)
NXP Semiconductors (Netherlands)
Trigo Vision Ltd.Israel)
For more information on this report, please visit https://www.researchandmarkets.com/r/k4j3m6-retail?w=5.
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